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Sheffield Wednesday
Football Club pic
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Notes on Accounts
Continued
9. Tax on Profit (Loss) on Ordinary Activities
The t~x cre~t (charge) is based on the profit toss) for the year and comprises:.
1988 1987
£ £
Corporation tax oredit {charge} at 27% (1987---30%) £6,020 (-:~98)
The company has accumula]ed tax losses totaging P..ppmxJmazeiy £923,000 (1987 --£461,000) which are av=cJ’lable
to offset ag~nst future taxable profits arising from trad’mg acth~e.s.
10. Tangible l~xed A.~ets
(a) "rhe movement in the year was as fonows:.
Land and buildings
Long Plant and
Freehold leasehold machinery Total
Cost or Valuation £ £ £ £
Beglnni~g of ~ 2,064.198 340.067 511,808 2,916.073
Add3tJons, net of grant 248.174 2.475 79.533 ~.~.~0.1~
D~=~-~ -- -- (8,5S0"3 (8,.~
End of ye~ 2.312,372 342.542 582.776 3.237.F.~0
Deprec~al~on
Beginning of year -- 128,272 335,651 4~3._Q23
Chato~e -- 2s,sg5 91,5~ 117,223
End of year -- 153,967 424,551 578,518
Net Book Value
beginning of yea~ £2,064,198 £211.795 £-176,1o’-7 £2,452,150
Net Book Y~lue
end of yea: £2,312,372 £188,575 £158,225 =~,65g,172
lncJuded in fixed assets above were e,~sets held under finance I~ with a nex book value of £12,847 (1987--£6,642).
(b) Basis of vaJua~on
Plant and rr~chinery and long leasehold property ate shown et cost.. Freehold lend and builcrings are shown at e
directors’ vaJu-’~an in 1975 (w~Lh subsequent ada3t~ons ~t cost) as shown below:_
1988 1987
£ £
Directors’ vaJua/Jon 1,000,000 1,000,000
At cost 1,312,372 1,064.1 .8
Cost or va]u~on end of year £2,312,372 £2.064,198
A professional vP.lu~on of the freehold stadium was performed on 9Lh Jamua,~, 1975 by Messrs. Eadon Lockwood
& Riddle. However, this va]uazion of ~;2,312,000 was made on the basLs ot depreciated replacement cost and, in view
of ~e speci~sed nature of the stadium, the directors felt it lnappropdaIe to include the asset in the accounts at thnt
figure. ConsequenLh], the directors reduced the v-aluation to £1,000,000, for a~counts purposes, as of g’mt d~te.
(c) The ofig~naJ cosL, &nd aggregate deprecPatJon based on cost, of freehold land and buildrags included a~ vaJu~on were:
1988 19~¥
£ £
OdginaJ co~t 479,496 479.4~6
Deprec~aI]on based on cost (107,206) (107.206)
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£372,290 £372.290
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